Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is a leading player in semiconductor equipment, breaking international monopolies and establishing core technological barriers [1]. - The company has shown rapid revenue growth, with projected revenues reaching RMB 1.43 billion in 2025, representing a 39.3% increase from the previous year [2]. - The company has developed a rich matrix of core technologies, including precision temperature control and hazardous gas treatment, which are critical for semiconductor manufacturing [8]. Financial Summary - Revenue projections for the company are as follows: - 2023: RMB 742 million - 2024: RMB 1,026 million (growth rate: 38.3%) - 2025: RMB 1,430 million (growth rate: 39.3%) - 2026: RMB 2,350 million (growth rate: 64.4%) - 2027: RMB 3,068 million (growth rate: 30.6%) [2]. - The net profit attributable to shareholders is expected to be: - 2023: RMB 119 million - 2024: RMB 153 million (growth rate: 28.4%) - 2025: RMB 202 million (growth rate: 32.2%) - 2026: RMB 358 million (growth rate: 77.2%) - 2027: RMB 522 million (growth rate: 45.7%) [2]. Market Position and Competitive Advantage - The company is the only domestic manufacturer to achieve large-scale application of semiconductor temperature control equipment and is among the few to achieve mass production of waste gas treatment equipment, indicating significant scarcity in the market [8]. - The company has established deep ties with major wafer manufacturers, becoming a core supplier to companies like Yangtze Memory Technologies and SMIC, which solidifies its customer resource barriers [8]. - The company is actively expanding its production capacity and R&D capabilities, which will significantly enhance its growth potential as domestic wafer manufacturers expand [8]. Product Overview - The company's main products include: - Semiconductor temperature control equipment, which accounted for 61.33% of revenue in the first half of 2025 - Semiconductor process waste gas treatment equipment, contributing 29.84% - Wafer transfer equipment, making up 2.72% [26][27]. - The temperature control equipment features a wide temperature range from -70°C to 120°C and high precision, which is essential for advanced semiconductor manufacturing processes [50]. Growth Potential - The semiconductor equipment market is expected to continue expanding due to increasing demand from downstream applications and the growing complexity of manufacturing processes [48]. - The company is well-positioned to benefit from the ongoing shift towards domestic production and the increasing emphasis on supply chain security in the semiconductor industry [46].
京仪装备（688652）：半导体专用设备领军者，打破垄断构筑核心壁垒